October 3, 2012 -- Greater Toronto Area (GTA) REALTORS® reported 5,879 transactions through the TorontoMLS system in September 2012. The average selling price for these transactions was $503,662, representing an increase of more than 8.5 per cent compared to last year.
The number of transactions was down by 21 per cent in comparison to September 2011. However, it is important to note that there were two fewer working days in September 2012 compared to September 2011. The majority of transactions are entered on working days. On a per working day basis, sales were down by 12.5 per cent year-over-year.
“While sales have been lower due to stricter mortgage lending guidelines, we continue to see substantial competition between buyers. The months of inventory trend remains low from a historic perspective, which explains the strong price increases we are experiencing,” said Toronto Real Estate Board (TREB) President Ann Hannah.
September average selling prices were up compared to last year for all major home types. Price growth was strongest in the City of Toronto, including for condominium apartments with eight per cent year-over-year growth. All benchmark home types included in the MLS® Home Price Index (MLS® HPI) experienced year-over-year price increases, with substantially stronger increases for low-rise home types.
“Barring a major change to the consensus economic outlook, home price growth is expected to continue through 2013. Based on inventory levels, price growth will be strongest for low-rise home types, including single-detached and semi-detached houses and town homes,” said TREB’s Senior Manager of Market Analysis, Jason Mercer.
Young Canadians with home ownership dreams keep dreaming?
If you’re a young Canadian saving up for your first home, chances are you’re in for a long wait.
By 2020, the average cost of a home will be $553,000, according to projections from a Canadian mortgage-comparison company. To accumulate a 5-per-cent down payment for such a home, recent graduates should expect to spend 12 years saving up, according to RateSupermarket.ca. And if they’d prefer to put 10 per cent down on a home, they should be prepared to save for 21 years.
The study, called Cost of the Future, projects a bleak one for those trying to afford a home. The study assumes the saver is a university graduate making the average starting salary of $39,523. It also assumes she is saving 5 per cent of her income, earning 3-per-cent interest on her savings, and is receiving annual 3-per-cent salary increases – a pretty optimistic scenario given the state of Canada’s economy. Check out this neat infographic.
In addition, the study assumes the saver is burdened with a $27,747 student loan at 3-per-cent interest, and is devoting 5 per cent of her income to repayments. At that rate, it will take her 14 years to be free of debt. According to Canada Student Loan Program data, most students with loans take nearly 10 years to pay off their debts.
College students fare a bit better when it comes to saving because they tend to graduate with less debt, the study says. For the average college graduate with $20,511 in debt and a starting salary of $35,000, it will take six years to pay off their loans and 10 years to save a 5-per-cent down payment for a home.
So is the class of 2012 doomed to be old and grey when they buy their first homes, making mortgage payments until they retire? Not necessarily, says Tom Drake, the Edmonton-based author of the Canadian Finance Blog.
Despite being saddled with $10,000 in student loans and $20,000 in consumer debts, Mr. Drake was able to buy his first home four years after graduating college. He paid off his debts faster by cutting his expenses and not increasing his spending as new money came in, he said. “Any additional income would always go towards debt or savings.”
Kelvin Mangaroo, president of RateSupermarket.ca, offers some additional tips for accelerating debt reduction and savings.
First, if you’re carrying several types of debt, prioritize those with the highest interest rate, Mr. Mangaroo says. Paying those debts off first can potentially save you thousands of dollars in interest over time. If you are carrying a balance, consider a line of credit or 0-per-cent interest balance transfer credit card, he adds.
Second, set a budget. Having a plan will help get your finances in order faster, he said. “Try to target 10 per cent of your income after tax for savings and arrange for direct deposit to your savings account from your paycheque.”
And get expert advice if you need it, he advises. There are non-profit credit counselling agencies across the country, or you can contact a financial adviser to help get your finances in order.
Prime Location,Beautiful,3 Bedrooms,2 Washrooms,Finished Basement.Open Concept Home,Over-Looking To Living Room From Kitchen/Dining Room.Good Size Kitchen.Walking Distance To All Amenities, Square One Mall,Go Station,Shopping And Public Transit.Minutes To Hwy 10,403 And Gardner Expressway.
Condo Townhouse with Low Maintenance Central Mississauga
Stunning Townhome In The Heart Of Mississauga Offers 3 Generously Sized Bedrooms Finished Basement With A 3 Pc Washroom. Just Installed Gleaming Hardwood Floors On The Main And Entire 2nd Floor With An Oak Staircase. Huge Kitchen With Extra Cupboards. Home Backs Onto Parkette, Flower Garden On Child Safe Street. Very Well Maintained And Freshly Painted
As the fifth landmark residence within Daniels’ award-winning City Centre Community, Limelight will offer you more than just a home but a sense of community and belonging. Designed to fit seamlessly within Daniels’ master-planned, park-inspired neighbourhood, Limelight will dazzle with its distinctive modern architecture, forward-thinking, environmentally-friendly design, interactive amenities, superior location and unsurpassed Daniels’ quality craftsmanship.
Forest Model : 2 Bedroom, 2 Bathroom , 1085 sq ft
Shamrock Model: 1 Plus Den, 2 Bathroom, 1002 sq ft
Address: 365 Prince of Wales Dr
Builder Name: Daniel
Top 10 Interior Design Tips to Make A Small Room Seem Bigger
1. De clutter - Storage, storage, storage
2. Choose Appropriate size Furniture
3. Use Mirrors
4. Lighting - utilise all the natural light you can.
6. Wall Art - dramatic wall art can give the impact and individuality
Spaghetti with Clams and Broccoli
3/4 cup water
3 pounds littleneck clams
3 cups broccoli flowers
1 pound spaghetti
4 tablespoons olive oil, plus extra for drizzling
6 cloves garlic, sliced thinly
1/2 teaspoon red pepper
1/4 cup chopped fresh parsley
1. Bring water to a boil in a large pot or deep skillet. Add clams, cover and cook until clams are open, about 3-4 minutes. Discard any unopened clams, and remove the meat from the shells. Keep the cooking liquid from the pot.
2. Bring a large pot of water to a boil and salt it with about 2 tablespoons of coarse salt. Add the broccoli and cook until crisp-tender, about 2 minutes. Scoop out the broccoli with a slotted spoon and set aside in a bowl, keeping the water at a boil.
3. Add pasta to the water and cook according to package directions. Drain.
4. While pasta is cooking, heat oil in a large skillet and add garlic. Stir for one minute. Add broccoli and stir for 2 minutes more. Stir in reserved clam liquid and simmer for two more minutes.
5. Add pasta to skillet and toss until coated. Stir in parsley, red pepper and the clams.
6. Divide among plates, drizzle with a little more olive oil and serve.